Tech

YouTube’s hold on long videos to be broken; Zuckerberg’s making it happen on Instagram

Facebook owned social network, Instagram launched a mobile app on Wednesday called IGTV dedicated to user-generated videos up to an hour long, intensifying the competition for consumers’ time among ad-supported streaming services such as YouTube

Published

5 years ago

June 21, 2018

Africa News Watch

The service plans to feature videos from rising internet celebrities, artists and pets, some of whom have tens of millions of social media followers.

“Teens are now watching 40 percent less TV than they did five years ago,” Instagram Chief Executive Kevin Systrom said at an event to announce the launch in San Francisco.

“It’s time for video to move forward and evolve.”

Facebook shares rose 2.3 percent on Wednesday to $202.06 after earlier crossing the $200 mark for the first time. Instagram, which was founded in 2010 as a photo-sharing app, has surpassed 1 billion users, Systrom said.
Tech firms such as Facebook, Alphabet Inc’s YouTube and Snap Inc’s Snapchat have been spending heavily to grow mobile video services that will attract both users and corporate brand advertising.

Courting stars to post videos is part of their strategies. Instagram said it has signed up personalities such as Lele Pons, who has 25 million Instagram followers, for IGTV.

Pons said she did not plan to choose sides between two of Silicon Valley’s largest companies. “I’m still going to be posting on YouTube as well as on Instagram,” she told reporters.

Facebook on Tuesday launched a separate effort to lure video makers away from YouTube, offering ways to make money on the Facebook app. YouTube said it plans to update its commercialization options this week.

Instagram does not immediately plan to share revenue with video creators but may in the future, Systrom said. IGTV will be available as part of Instagram’s app and as a separate app, he said.

Instagram, which Facebook bought in 2012 for $1 billion, has grown by adding features like messaging and short videos. In 2016, it added the ability to post slideshows that disappear in 24 hours, a copy of Snapchat’s popular “stories” feature.

Click to comment

Tech

African Development Bank partners Google to transform Africa’s digital space

Published

1 hour ago

September 23, 2023

Akanimoh Etim

The African Development Bank (ADB) has teamed up with Google with the aim of advancing digital transformation in Africa.

The two parties formalized the deal with the signing of a “Letter of Intent” on Friday during the Global Africa Business Initiative at the United Nations General Assembly in New York.

The agreement, according to Dr. Akinwunmi Adesina, President of the African Development Bank, “underscores a shared commitment to harness emerging technologies, extend and improve infrastructure, and refine talent and skills in the continent.”

“Our journey from a 2% telephony penetration in 1998 to today’s era of 4G, 5G, and AI signifies immense progress. With 70% of sub-Saharan Africans under 30, our focus is on catalyzing businesses to create jobs and offer innovative solutions,” said Adesina after the signing ceremony.

He added that both ADB and Google had a long history of fostering digital evolution, enumerating that over the past decade, the Bank had invested $1.9 billion in projects emphasizing the development of broadband infrastructure, conducive policy and regulatory environments, digital skills, and innovative technology startups.

On its part, Google has become a longtime partner in Africa’s economic growth and digital transformation with huge investments in a major submarine telecommunications cable, the Seacom cable.

Dr. James Manyika, Google’s Senior Vice President of Research, Technology & Society, who also spoke at the event, said:

“With advanced technologies like AI, the most profound transformation is yet to come. Working together with African Development Bank, Google will offer technical assistance to bolster entrepreneurs and small and medium-sized enterprises in digitizing their businesses, securing financing, mastering digital marketing, and advancing private sector development.

“Collaboration will be essential if Africa is to realize this opportunity, building for everyone and ensuring no-one is left behind. We are excited to collaborate with the African Development Bank to work towards this shared commitment.”

Tech

Zambian neo-bank, Lupiya raises $8.25m to expand access to financial services

Published

1 day ago

September 22, 2023

Akanimoh Etim

Zambia’s leading neo-bank, Lupiya has announced securing $8.25 million from Alitheia IDF Fund, a private equity fund known for its gender-focused investments, in a bid to expand access to financial services for startups and small scale businesses.

The fundraising, according to Evelyn Chilomo Kaingu, co-founder and CEO of Lupiya, it would enable the outfit “bridge financial inclusion gap, as well as offer technology-driven, user-friendly financial solutions to the unbanked and underbanked populations in Zambia.”

“This Series A investment marks a significant milestone in our journey to continue serving our customers and the opportunity to further provide holistic financial solutions,” Kaingu said.

“Lupiya’s vision and dedication to financial and gender inclusion resonates deeply with our own objectives. We believe that with this funding, we will be better equipped to make financial services accessible to many more Zambians.

“The team at Lupiya has worked hard and is excited for the new phase of our growth. With the support of Alitheia IDF, INOKS Capital, Mastercard, and Kfw DEG, we are better poised to scale our operations and deepen our footprint not just in Zambia but also in the broader Southern and East African region”, Kaingu added.

According to her, the newly acquired capital will be directed towards strengthening Lupiya’s technological infrastructure, expanding its range of financial products, and extending its reach to a wider customer base.

The startup which was launched in 2016, has emerged as a leading player in Zambia’s rapidly evolving fintech landscape and boasts of an impressive roster of supporters, including industry giants like Mastercard, Google, World Bank, and the UN International Trade Centre.